CySEC Announces €270,000 Settlement With TopForex Operator

Rick Steves

The published settlement with the TopForex operator can hardly be quoted as it fails to meet proper transparency standards. The vague wording provided by the Cyprus financial regulator may contradict its mission of public service. 

Reg SCI rules by SEC addressed in new Exegy Inc. package

The Cyprus Securities and Exchange Commission (CySEC) announced it has reached a settlement agreement with Goldenburg Group Limited. The “possible” violations of the firm’s regulatory obligations will cost Goldenburg €270,000.

According to the financial watchdog, the firm which operates several trading brands – including topforex.com, fxglobal.com, tradecentrum.com, and toptrader.eu – has allegedly broken a number of EU regulations from period January 2018 until October 2020, including articles regarding conflicts of interest, general principles and information to clients, the assessment of appropriateness to clients, the obligations of investment firms when appointing tied agents, and the conditions for the marketing, distribution or sale of CFDs to retail clients.

In 2019, the operator of TopForex et al was fined by CySEC for failing to keep adequate records of the services and transactions it has provided to customers, for dishonest dealings with clients, for misleading clients via its marketing activities, for failing to ensure compliance standards of third-party firms, among others. That time, Goldenburg was fined €170,000.

Goldenburg Group is registered with CySEC since 2014 and is licensed to provide reception and transmission of orders, execution of orders on behalf of clients, portfolio management, and provision of investment advice. In addition, the trading firm is authorized to provide safekeeping and administration of financial instruments, including custodianship and related services, foreign exchange services, and investment research and financial analysis.

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